Rowsley

Rowsley: Investment firm, Rowsley, which is which is controlled by former "Remisier King" Peter Lim, plans to transform itself into a property play via a $223m RTO of RSP Architects & Planners from Albert Hong and his 4 partners and a $358m acquisition of a 9.23ha of land in Johor's Iskandar project from Vantage Bay Sdn Bhd, now 70% owned by Peter Lim and the rest by Johor royal family. Both deals will be satisfied by issue of new Rowsley shares to respective vendors at $0.15 per share. The transaction will pave the way for the listing of one of S’pore’s oldest and Asia’s leading architectural firms with solid track record and project pipeline in S’pore, China, Vietnam, UAE and Africa. The Iskandar land is slated for a $3b integrated mixed-use township comprising apartments, malls, convention centres and offices, yielding more than 10m sf of GFA. The price paid works out to be $36psf/ppr. Note that both deal are on non-binding term sheets subject to diue diligence and further definitive agreements. Upon confirmation, Rowsley will offer a bonus issue of 2 free warrants for every share held to existing shareholders with $0.18 exercise price and term of 3 years. The warrants could raise $350m if fully exercised.